Bitcoin crossed ₹91 lakh! Crypto market left everyone surprised – will it hit a new all-time high?
There was something special in the crypto world on June 10 morning. Bitcoin made a small boom and reached close to ₹91 lakh, i.e. $110,277, which left traders stunned. The market showed full energy and it seems that preparations are being made for new highs.
On June 10, the world’s largest cryptocurrency Bitcoin touched $110.2k in the short-term, after which it slipped slightly and was trading at $109,449.70 at the time of writing. This was a jump of 3.74% compared to the previous day, while its market cap reached $2.17 trillion – showing a daily growth of 3.79%. Trade volume also increased by a tremendous 50.45% to reach $58.15 billion.
Traders were shocked! Shorts worth $330 million liquidated
Analysts at CoinSwitch Markets Desk said that this rally was a shocker for traders. “In a single hour, $110 million of short positions were liquidated, and in a single day, $330 million of shorts were wiped out,” he said. This is a sign that the market is in bullish momentum and people had bet on a downtrend – which proved to be wrong.
Bitcoin dominance increased, Ethereum is also shining
On June 10, the capitalization of the entire crypto market reached $3.41 trillion, and Bitcoin’s share in this was 63.6% – which is a jump of 1.41% in a single day. Ethereum is also not lagging behind – its dominance increased by 9.5% (growth of 0.43%). The combined market share of the remaining altcoins was 26.9%, but they saw a decline of 1.84%.
Ethereum made a tremendous gain of 7.40% and reached $2,677.74. Its market cap has reached $323.26 billion, while volume almost doubled to $26.92 billion – a daily surge of 98.57%!
Is the crypto market about to reach a new height?
Delta Exchange derivatives analyst Piyush Walke said, “Bitcoin is trading above the anchored VWAP, which reinforces the bullish sentiment of the market. Also, an inverted Head and Shoulders pattern has formed on the hourly chart – which is a bullish technical setup.” According to him, if this pattern follows, then Bitcoin can go up to $111,000. Along with this, institutional investors also seem to be more interested – there have been inflows of $386.2 million in Bitcoin spot ETFs and $53 million in Ethereum ETFs. Tether and Solana also strong
Stablecoin Tether (USDT) maintained its $1 peg, and its market cap rose to $155.22 billion. Volume also jumped 53.04% to $87.48 billion.
While Solana (SOL) was trading at $158.54, with a gain of 5.16%, and its market cap rose to $83.22 billion. Volume also rose by 73.83%, which indicates strong activity in the altcoin market as well.
Experts say – “Greed is coming back”
According to CoinDCX’s research team, market sentiment is now moving towards “greed”, which is a short-term bullish indicator. CoinSwitch said that if Bitcoin decisively breaks above $110k or below $100k, then only a clear direction of the next move will be found.
Mudrex co-founder Edul Patel said, “The crypto market has rallied after the geopolitical tensions subsided. The resumption of US-China trade talks is also creating positive investor sentiment. This rally has extended to Ethereum, Solana and other altcoins.”
He also added that “today we have liquidated short positions worth about $38 million, which has reduced the downside pressure. If this bullish momentum continues, Bitcoin will try to touch a new all-time high. For now, the support level is around $105,600.”
Conclusion:
Bitcoin and the entire crypto market now seem to be entering a new phase. Institutional interest, strong technical setups and positive geopolitical indicators have boosted investor confidence. Now everyone’s eyes are on just one thing – will Bitcoin be able to stay above $110k? And is a new ATH (All-Time High) really near this time?